Tinubu’s economic reforms led to decline in April inflation — Minister of Information

Nigerias Minister of Information and National Orientation, Mohammed Idris, has said the country is beginning to see the positive impact of President Bola Tinubus economic reforms, following a new report showing a drop in the nations inflation rate.  Idris made this known on Friday, May 16, during the eighth edition of the 2025 Ministerial Press Briefing Series held at the National Press Centre in Abuja. The Minister was responding to the latest figures from the National Bureau of Statistics (NBS), which indicated that Nigerias headline inflation rate fell to 23.71 percent in April 2025, a decline from the 24.23 percent recorded in March. Describing the development as encouraging news, Idris noted that the drop in inflation is evidence that the administrations policies are beginning to yield measurable results. This has not happened by chance. The Presidents focused interventions are paying off. The benefits of reform, though gradual, are real and measurable, he said. Idris also highlighted that the month-on-month inflation rate saw a notable reduction, dropping to 1.86 percent in April from 3.90 percent in March. He said this indicated the beginning of economic recovery and a potential improvement in the purchasing power of Nigerians. Addressing the persistent concern of food inflation, Idris revealed that the year-on-year food inflation rate eased to 21.26 percent in April. Month-on-month, food inflation dropped slightly to 2.06 percent, compared to 2.18 percent recorded in March. He attributed this slowdown to price reductions in essential food items including maize flour, wheat grain, yam flour, okra, soya beans, rice, and beans. According to the minister, ongoing strategic interventions in agriculture, transportation, and other essential service sectors have been pivotal in reducing inflationary pressure. He emphasized that while challenges remain, the recent economic indicators provide a basis for cautious optimism. We acknowledge that we are not yet where we desire to be. But these latest figures give us every reason to be hopeful, Idris said, adding that the Federal Government is committed to maintaining the reform trajectory to ensure long-term economic stability and shared prosperity. Our focus remains on implementing people-centred policies that guarantee relief and restore economic stability, he added.